“Lightning is a mutually agreed upon Bitcoin smart contract that can be updated only with the express consent of both parties; it has confirmed, on-chain proof-of-reserves; it has a wait time for withdrawal if only one party is present; it has a built-in insurance policy in the case of dispute; and it has a punishment clause for any party that initiates an attempt to rescind an updated and signed version of this contract. 
This is not exactly an agreement that I would simplify to a label as unenlightened as ‘an IOU.’”    – Guy Swann

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